A built-to-rent community is on the horizon in Celina, another residential development in the nation’s fastest-growing city.
Corson Cramer Development recently sold 40 acres of land to Yardly, the built-to-rent arm of Arizona-based homebuilder Taylor Morrison, for the construction of a residential community with 396 single-family rental homes, the Dallas Business Journal reported. The land, located on FM 1385 north of Parvin Road, was previously owned by real estate investor Anna Hong.
The community will be split into two sections: Sutton Fields with 150 homes and Frontier with 246 homes.
The development, which will be Yardly’s second in Celina and 10th in the Dallas-Fort Worth metro, will offer amenities, including a pool, dog park and walking trails. The project is expected to start construction next year, with leasing to begin in 2026.
“That whole corridor is kind of a hotbed for development right now,” said Larry Corson, co-president of Corson Cramer Development.
As Celina’s population explodes, home affordability has become a growing concern. The median price in Celina is just over $600,000, and many would-be homebuyers have been priced out of the market, according to Zillow.
“As an industry, we haven’t been able to build homes fast enough, and that has created an opportunity for the single-family rental product as an alternative for affordability for young families,” Corson said. “It’s really speaking to a demand that is needed.”
Though Corson declined to share the exact sale price of the land, he estimated land zoned for single-family rental use typically ranges from $7 to $8 per square foot, which would value the 40-acre tract at $12 to $14 million.
Corson Cramer answered community requests for additional tree planting, and height restrictions were incorporated into the project’s final plans, securing the support of neighbors and the Celina City Council.
The firm is also working on another development in Celina called North Sky, a 286-acre for-sale residential community featuring over 1,000 homes.
— Andrew Terrell